The current market environment is challenging for Bitcoin and digital assets in general. First, capital flows remain unfavorable. Since October, large Bitcoin investors have sold holdings worth around USD 29 billion. This behavior aligns with historical patterns in the middle of a halving cycle, where selling phases often last several months. While smaller investors continue to accumulate, their demand so far is insufficient to fully absorb the selling pressure. At the same time, institutional inflows remain weak: digital asset ETPs have seen net outflows year-to-date. Second, Bitcoin is currently decoupled from global money supply trends. Historically, the price closely followed the growth of global M2 liquidity. This relationship is currently disrupted, which could indicate either a misjudgment by investors or an upcoming liquidity tightening. Given the still-expansive monetary policy, the latter seems unlikely in the short term. Third, geopolitical tensions weigh on the market environment. During periods of acute uncertainty, investors favor traditional safe havens such as gold, while Bitcoin suffers from its hybrid role as both a risk asset and a store of value. Additionally, monetary policy uncertainty in the US is a factor. The designated Federal Reserve Chair, Kevin Warsh, is seen as a proponent of a tighter interest rate policy, further clouding Bitcoin’s short-term outlook. In the long term, however, the outlook remains constructive, as structural concerns about currency depreciation persist and the current lag behind liquidity trends signals potential for catch-up.

Boerse Stuttgart is the German exchange of Boerse Stuttgart Group. The European group also operates exchanges in Sweden and Switzerland. Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 18,5 billion in January, around 77 percent more than in the same month of the previous year. This was highest monthly turnover in the last 18 years. Structured securities made up the largest share of the turnover. The trading volume in this asset class was around EUR 9,6 billion – an increase of around 137 percent compared to the same month of the previous year. Leverage products generated turnover of around EUR 8,2 billion. Investment products contributed around EUR 1,4 billion to the total turnover. According to the order book, trading in equities produced turnover of around EUR 3,4 billion, around 66 percent more than in the same month of the previous year. German equities contributed around EUR 1,5 billion towards this total. International equities generated turnover of around EUR 1,9 billion. The monthly total for trading in debt instruments (bonds) was around EUR 1,5 billion in January. Around EUR 713 million of turnover was attributable to corporate bonds. Turnover shown in the order book from exchange-traded products (ETPs) was around EUR 3,8 billion, around 47 percent more than in the same month of the previous year. The turnover from investment fund units in January was around EUR 180 million. Stuttgart stock exchange trading volume January 2026

Nasdaq (Nasdaq:NDAQ) today publishes monthly trade statistics for the Nordic1 and Baltic2 markets. Below follows a summary of the statistics for January 2026: The share trading increased by 33.7% to a daily average of 4.028bn EUR, compared to 3.013bn EUR in January 2025. Compared to the previous month, December 2025, the daily average increased by 33.6%. Cleared derivatives volume decreased by 0.2% to a daily average of 279,405 contracts, compared with 279,954 contracts in January 2025. ETP trading3 (Exchange Traded Products) increased by 52.8% to a daily average of 61.8m EUR compared to 40.5m EUR in January 2025. Novo Nordisk A/S was the most traded stock per day during the past month, followed by SAAB AB. Goldman Sachs Bank Europe SE was the most active member during the past month, followed by Morgan Stanley Europe SE. Nasdaq Nordic’s share of order-book trading in our listed stocks decreased to 74.1%, compared to 75.1% in the previous month4. The average order book depth at the best price level was larger at Nasdaq Nordic than the second most liquid trading venue, see detailed figures per exchange: For OMXC25 companies 2.2 larger For OMXH25 companies 2.3 larger For OMXS30 companies 2.3 larger Nasdaq Nordic’s average time at EBBO5 (European Best Bid and Offer) was: For OMXC25 companies 74.7% (-1.8% from December) For OMXH25 companies 84.9% (0% from December) For OMXS30 companies 85.6% (0.1% from December)For more information, please visit our monthly statistics reports at https://www.nasdaq.com/european-market-activity/news/statistics 1) Nasdaq Copenhagen, Helsinki, Iceland and Stockholm2) Nasdaq Riga, Tallinn and Vilnius.3) ETP trading (ETF, ETN, ETC, AIF) figures includes Nasdaq Copenhagen, Helsinki, Iceland and Stockholm.4) Included are the main European marketplaces that offer trading in Nasdaq Nordic listed shares. Source: BMLL 5) EBBO (European Best Bid and Offer) refers to the current best price available for selling or buying a trading instrument such as a stock. Source: BMLL

Kaizen RegTech Group (Kaizen), a leading provider of regulatory compliance solutions for global financial institutions, has announced new leadership responsibilities within its existing group structure.  Dario Crispini will continue in his role as Group CEO, overseeing strategy and growth across the group. He will also continue to lead regulatory reporting product and innovation, while remaining closely involved with clients and broader market engagement.    Michael Leach has been promoted to CEO of Kaizen Reporting, the group’s flagship regulatory reporting business.  Dario Crispini said, “As Kaizen continues to grow, it’s important that we align leadership focus with how the business is evolving. This change allows me to spend more time on group strategy, innovation and client relationships, while Mike leads Kaizen Reporting through its next phase of growth. Mike has been a key part of shaping our commercial direction, and I know the business is in great hands.”  Dario founded Kaizen Reporting in 2013, developing the first automated quality assurance solution for regulatory reporting. The company is now the market leader in this space, trusted by hundreds of financial firms globally.    Michael Leach joined Kaizen Reporting as Chief Revenue Officer (CRO) in June 2025. He joined from London Stock Exchange Group (LSEG), where he played a pivotal role in building UnaVista (now LSEG Regulatory Reporting Solutions) into a global brand.  Michael Leach said, “Kaizen Reporting has an incredibly strong foundation, a clear strategy, and a talented team. I’m excited to lead the business, support our clients, and drive the next phase of growth through continued investment in technology, innovation, and delivery excellence.”  Kaizen Reporting has recently announced several senior hires including James Crow as CTO and Chris Childs and Tim Keady as strategic advisors.  The continued focus will be on enhancing the group’s strategy, technology, and commitment to its clients and people. 

SIX publishes the monthly key figures of SIX Swiss Exchange and BME Exchange on trading and listing activities in Switzerland and Spain. Tables of Current Month Translations and Glossary SIX Kicks Off 2026 with Surge in Structured Products Volumes Combined trading turnover for SIX Swiss Exchange and BME Exchange reached CHF 149.1bn in the first month of 2026, representing a 13.2% growth on December 2025 and a 16.5% rise in comparison to January 2025. In Switzerland, activity across all segments contributed to a 23.1% month-on-month (MOM) and 9.8% year-on-year (YOY) rise in overall trading turnover. In Spain, overall turnover increased by even 38.7% in comparison to January 2025. With regards to trading turnover in individual segments, structured products surged in January 2026 on SIX Swiss Exchange with a 86.6% increase over December 2025 and 76.7% over January 2025. On BME Exchange, Securitized Derivatives saw the biggest MOM increase, up 40.9%, while equities showed the biggest increase compared to January 2025, with 42.6%. The IBEX 35® reached 17,880.9 points in January, rising 3.3% since the start of 2026. The Swiss blue chip SMI® concluded the month at 13,188.3 points (-0.6%).  Gregor Braun, Head Cash Market Sales, Exchanges, SIX, added: “After a strong 2025 with double-digit growth of trading turnover across both markets, it’s great to see this momentum continue into the new year. This coincides with a significant rise of listings in structured products in Switzerland and securitized derivatives in Spain. Adding to a great start to 2026 are the promising first results of the Extended Trading Hours we’ve introduced in Switzerland last December, which have already contributed noticeably to the turnover growth in Structured Products.”    More Detailed Information Detailed statistics on turnover and transaction volumes per segment compared with the previous month and previous year, on newly listed products and on the development of the most important indices can be found in the tables below. The website of SIX Swiss Exchange provides you with full access to our complete information offering. We provide you with the latest market data and comprehensive statistics for our entire securities universe. This includes order book information, prices, volumes and turnover figures as well as historical data and statistics. We also provide official notices of listed companies, management transactions and other relevant information to ensure safe and transparent trading. Discover more.   Statistical Monthly Report Statistical Monthly Report   Intraday Activity Intraday Activity

Transaction Network Services (TNS) has completed its acquisition of BT’s Radianz business. The deal brings together two long-standing providers of financial markets connectivity and expands access, reach and service capability for institutions worldwide.Radianz has connected the global financial community for more than 20 years, providing secure access to trading venues, market data, applications, and counterparties. The business will now form part of TNS’s global Financial Markets offering.“Today marks an important milestone for TNS and our clients as we combine the strengths of two established leaders in financial connectivity,” said Tom Lazenga, General Manager, TNS Financial Markets. “We look forward to delivering expanded access to markets, counterparties and applications, while maintaining the network and platform diversity that institutions rely on for resilience and choice.” Radianz, known for its secure network linking thousands of market participants and financial applications, complements TNS’s ultra-low-latency trading, market data and hosting capabilities.Phil Swindle, Managing Director, Radianz, said: “Radianz has a long track record of supporting mission-critical financial communications. Joining TNS brings complementary strengths and continued investment for customers.”TNS is looking forward to welcoming the Radianz clients, employees, and partners into its global ecosystem. Lazenga added: “We are dedicated to providing best in class services through our combined businesses and investing in our joint future together.”    

ClearToken, the digital financial market infrastructure firm, today announces that it has made two senior appointments to its leadership team. Mark Williamson has been appointed Chief Commercial Officer. Mark will lead Product Management, Sales & Marketing, and Strategy, to help ClearToken deliver institutional‑grade digital market infrastructure. Mark brings extensive relevant experience spanning a 35-year career in banking and finance. A recognised leader in trading, operations, and digital transformation, Mark has driven major innovations across electronic trading, distributed ledger solutions, quantum technologies, Central Bank Digital Currencies (CBDCs), and the tokenisation of assets.  Most recently, he spent over six years as Global Head of FX & Precious Metals, Digital Assets & Currencies at HSBC, which followed three years as HSBC’s COO of FX Trading and Risk Management. Prior to this, he spent more than six years at BNP Paribas, latterly as Global COO for FX & Local Markets.  Mark also spent over four years at J.P. Morgan, where, as eCommerce Programme Manager, he oversaw the MorganDirect Single Dealer Platform across FX, FX Options and Interest Rate Derivatives. Other roles included three years as COO of Gresham Computing and three years at Deutsche Bank, where he worked as a Project Manager and Business Analyst. Chris Smith has become Chief Operating Officer, where he will lead the Group's operational delivery and execution, ensuring ClearToken's infrastructure, processes and controls operate effectively and efficiently as the company transitions into live service. He has played a key role in ClearToken's development, helping shape the regulatory and operational foundations of the CT Settle and CT Clear services, and supporting engagement with the FCA and Bank of England. Chris brings more than 25 years of senior operational leadership across financial market infrastructure and post-trade operations. Most recently, he served as Interim COO of LME Clear, the CCP of the London Metal Exchange, where he oversaw the daily operation of a systemically important clearing house under Bank of England supervision. Earlier in his career, he helped establish the LME Clear CCP from inception and has held senior leadership roles spanning clearing operations, post-trade infrastructure, collateral management, risk controls, and data governance, as well as prior positions at ICAP and J.P. Morgan. The news follows the recent appointments of Kristi Tange as Group Chief Risk Officer and Clare Weaver MBA, as Chief Legal Officer. This further strengthens ClearToken’s leadership team as it continues to execute its development strategy to bring traditional and trusted legal clearing and settlement to the world of digital assets. ClearToken closed 2025 with significant milestones. In the final quarter, it delivered several key strategic goals: securing FCA Authorisation appointing Nasdaq as its technology partner, and launching CT Settle, its delivery-versus-payment (DvP) settlement platform. Following confirmation of completion of the pre-application process from the Bank of England, ClearToken is also progressing the formal application process to become an authorised Central Counterparty (CCP). Benjamin Santos-Stephens, CEO of ClearToken, said: “We are proud to welcome Mark to the ClearToken leadership team as Chief Commercial Officer and to formalise Chris’ appointment as Chief Operating Officer. Securing further experience and expertise of this calibre is another step forward for us. We are delighted to have them both on board on our journey to build the world’s first clearing house and settlement depository for tokenised digital and traditional assets. We look forward to working with them as we continue to deliver on our strategy.” Mark Williamson, CCO of ClearToken said: “ClearToken has achieved a great deal in a relatively short space of time and has a solid plan to deliver the unification of TradFi and digital assets systems, long sought by the global markets. Whilst many have discussed this, ClearToken is actually doing it, making this an opportunity I simply could not let pass. I am totally aligned with their vision for the future of 24/7 global markets and am proud to join such an innovative company as we scale the financial infrastructure that will unlock the next phase of institutional tokenisation.” Chris Smith, COO of ClearToken said: “Having worked closely with the team to build ClearToken’s regulatory and operational framework, I am pleased to take on the role of COO as we move into this next phase. Our focus now is on ensuring that our infrastructure and controls operate with the highest levels of efficiency and resilience. We are building a bridge between the agility of digital assets and the robust standards required by the world’s largest financial institutions, and I look forward to leading our operational delivery.”

ACER has published its Rules of Procedure setting out how it will conduct cross-border investigations into suspected energy market abuse. Why do the new rules for cross-border probes matter? Europe has an EU-wide framework (called REMIT) to detect and deter abuse in wholesale energy markets. Breaches of REMIT are enforced at national level by energy regulators. However, market manipulation and abuse often transcend national borders and cases can be sophisticated. In 2024, EU legislators updated the REMIT framework giving ACER additional tasks, including the mandate to investigate cross-border cases. ACER’s expanded role helps build a stronger regulatory framework, promoting openness and confidence in EU energy markets, and strengthens trust that wholesale energy prices are transparent and fair. ACER’s Rules of Procedure for REMIT investigations ACER’s new Rules of Procedure establish the procedural framework within which ACER carries out its investigatory tasks under REMIT. They set out the main stages of ACER’s investigations, the related decision-making and the rights and obligations of the persons concerned. These rules mark an important milestone. As ACER and national regulatory authorities (NRAs) continue to work closely together, they will play a key role in ensuring robust, consistent and legally sound enforcement across borders. What’s next? ACER moves into action on cross-border investigations from the second half of 2026. The annual REMIT workshop, organised jointly by ACER and the European Commission, will take place in the summer. ACER’s upcoming public consultation on REMIT transaction reporting will gather input from market participants to help shape practical guidance under the revised REMIT framework. Read more.

ING has appointed Alexander (Alex) Critien as Global Head of FM Rates and NonLinear Trading, effective February 2, 2026.  In this newly created role, Alex will lead the global FM Rates and NonLinear Trading platform. He will work closely with regional trading teams, technology partners, quantitative functions, and other key stakeholders to build on the firm’s strengths and enhance outcomes for clients worldwide.  Alex joins with nearly two decades of experience in Rates Options trading, having spent his entire career at J.P. Morgan across London and Paris.   He has held a series of senior positions from Analyst through to Managing Director, most recently serving as Desk Head and risk owner for the EMEA Rates Options business.  Niall Carton, Global Head of FM Trading said:  “Alex’s deep expertise in nonlinear markets, combined with his leadership in quantitative innovation, will be  invaluable  as we continue to strengthen our global Rates offering at ING.”   Throughout his career, Alex has built a strong track record of sustained financial performance and leadership across both clientdriven and risktaking activities.   He is widely recognised for his contributions to frontoffice technology and quantitative tooling within Rates Options, having personally developed—or led the development of—numerous models and trading tools that have shaped nonlinear pricing and risk management at J.P. Morgan.  His expertise spans major volatility products across multiple currencies, including EUR, GBP and CHF, and includes leading complex model transitions during periods of extreme market stress.  Alex Critien, Global Head of FM Rates and NonLinear Trading said:  "I’m pleased to join ING and work with teams globally to strengthen our Rates and NonLinear offering for clients. It’s a strong platform with great potential, and I look forward to contributing to its continued progress for our clients."  Alex holds a First Class Master’s degree in Mechanical Engineering from the University of Oxford, with additional studies at Princeton University. He also serves as an officer in the UK Army Reserve.  In his new role, Alex will report to Niall Carton, Global Head of FM Trading. 

Financing the AI boom: from cash flows to debt The surge in AI investment is reshaping financing trends, with growing reliance on private credit posing potential sustainability challenges. Dollarisation waves: new evidence from a comprehensive international bond database The dollar’s dominance has waxed and waned over time, belying narratives of rising dominance and de-dollarisation. International banking statistics Cross-border bank credit rose in Q3 2025, primarily to borrowers in advanced economies, notably the United States. Shifting currents in FX and interest rate derivatives Watch the BISness video podcast of Hyun Song Shin, Andreas Schrimpf and Goetz von Peter discussing the analysis of the BIS Triennial Survey. Top-performing BIS Linkedin posts of 2025 We published more than 300 posts in 2025. Find out which topics attracted the most interest. Project FuSSE: modernising financial market infrastructures A BIS Innovation Hub project, FuSSE offers an open source solution designed to meet the evolving demands of a rapidly digitalising economy head on. More BIS publications  BIS Paper: The Liquidity Coverage Ratio a decade on: a stocktake of the literatureIn the decade since the implementation of the Liquidity Coverage Ratio (LCR), what have we learned about its design, effectiveness and impact?BIS Working Paper: Monetary policy and private equity acquisitions: tracing the linksExamining how monetary policy impacts private equity acquisitions, specifically the volume of deals, the use of leverage and the pricing of transactions.BIS Working Paper: AI adoption, productivity and employment: evidence from European firmsAI adoption increases productivity and wages in European firms, but the gains are unevenly distributed. Medium and large firms see the biggest benefits. Training and software investments play a key role.  Upcoming 3 March: General Manager Pablo Hernández de Cos delivers a speech on financial regulation. 16 March: BIS Quarterly Review published.

Click here to download the ' Fixed Income Index Dashboard' for the month ended January 2026. 

Indonesia Financial Services Authority (OJK) reaffirms the continuity of leadership and the uninterrupted execution of its regulatory and supervisory mandates across the financial services sector, including consumer and public protection. This decision is set forth through the appointment of Acting Members of the Board of Commissioners, as resolved at the OJK Board of Commissioners Meeting held in Jakarta today. In this regard, OJK has designated: Friderica Widyasari Dewi, currently Chief Executive of Market Conduct Supervision, Education, and Consumer Protection, as Acting Member of the Board of Commissioners assuming the responsibilities of Chairman and Vice Chairman of the OJK Board of Commissioners; and Hasan Fawzi, currently Chief Executive of Financial Sector Technology Innovation, Digital Assets, and Crypto Assets Supervision, as Acting Member of the Board of Commissioners assuming the responsibilities of Chief Executive of Capital Markets, Financial Derivatives, and Carbon Exchange Supervision. These acting appointments are made in accordance with the governance framework stipulated under OJK Board of Commissioners Regulations and reflect OJK's established institutional mechanisms to ensure organizational stability and policy continuity. The appointments are effective as of 31 January 2026. OJK remains fully committed to the consistent implementation and further strengthening of its policies, work programs, and strategic priorities in response to evolving conditions in the financial sector. OJK also confirms that coordination with all stakeholders, as well as engagement with market participants and the public, will continue to be conducted effectively to safeguard financial system stability and reinforce investor confidence and consumer protection.

Pending the effectiveness of regulatory filings, the MIAX Exchange Group will modify its Options Regulatory Fee (“ORF”) from March 1, 2026 through June 30, 2026 as follows: $0.0014 per contract on MIAX Options Exchange (”MIAX Options”) $0.0013 per contract on MIAX Pearl Options Exchange (”MIAX Pearl Options”) $0.0011 per contract on MIAX Sapphire Options Exchange (”MIAX Sapphire Options”)  A complete MIAX Options Exchange Fee Schedule can be found here: MIAX Options Fee Schedule.A complete MIAX Pearl Options Exchange Fee Schedule can be found here: MIAX Pearl Options Fee Schedule.A complete MIAX Sapphire Options Exchange Fee Schedule can be found here: MIAX Sapphire Options Fee Schedule. Please refer to the following Regulatory Circulars for more information: MIAX Options RC 2026-10 MIAX Pearl Options RC 2026-10 MIAX Sapphire Options RC 2026-10 Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.

Good morning, and thank you for the invitation to join you today.1 It is a pleasure to be with you for the Southwestern Graduate School of Banking's 161st Assembly for Bank Directors. Before we get started on the fireside chat, since the Federal Open Market Committee (FOMC) concluded its January meeting earlier this week, I think it would be helpful to summarize my views on the recent policy decision. I will then offer some remarks on the economy and also share my perspective on the outlook for monetary policy. As we enter 2026, the economy has continued to grow, and I see inflation moving closer to our goal. But beneath the surface, the labor market is fragile. I will provide some perspective on why I think that fragility poses the greater risk and what that means for the path of policy. Update on the Most Recent FOMC MeetingAt our FOMC meeting this week, my colleagues and I voted to hold the federal funds rate target range at 3-1/2 to 3-3/4 percent. Let me explain why I agreed to support this decision. I continue to see policy as moderately restrictive, and, looking ahead to 2026, my Summary of Economic Projections includes three cuts for this year. In my mind, the question at this meeting was about the timeline for implementing these cuts, essentially choosing between continuing to remove policy restraint and arriving at my estimate of neutral by the April meeting, or moving policy to neutral at a more measured pace throughout this year. I do not consider downside risks to the employment side of our mandate to have diminished, and I see several indications that the labor market remains vulnerable. I could have voted in favor of continuing to remove policy restraint in order to hedge more against the risk of further labor market deterioration. But we have seen some signs of stabilization, and, after lowering the policy rate by a total of 75 basis points in the latter part of last year, in my view, we can afford to take time and "keep policy powder dry" for a little while in order to carefully assess how the lower degree of policy restraint is flowing through to broader financial conditions and strengthening the labor market. I am also reluctant to take meaningful signal from the latest data releases given the statistical noise introduced by the government shutdown. And, given that by the time of our March meeting we will have received two additional inflation and employment reports, I saw merit in waiting to take action. It was not a straightforward decision. Ultimately, also considering that inflation remains somewhat elevated, at this meeting I decided to lean in favor of waiting for the upcoming sequence of data releases in order to gain more certainty about how the economy is likely to evolve in the coming months. Current Economic ConditionsSince I presented a detailed assessment of economic conditions in a speech two weeks ago, today I will mention a few highlights and some new data points.2 As the flow of official economic reports has been normalizing, my views on the economy have not changed appreciably, in part because I am not taking much signal from the employment and prices data given increased measurement challenges in the wake of the government shutdown. The U.S. economy has been resilient and has continued to expand at a solid pace, but I remain concerned about fragility in the labor market. I am also confident that inflation will come down toward 2 percent as tariff effects on goods inflation continue to wane in coming months. GDP growth strengthened in the third quarter of last year as consumer spending accelerated. However, growth likely slowed in the fourth quarter, reflecting the government shutdown and softer momentum in consumer spending, consistent with recent weakness in personal income. Disappointingly, residential investment seems on track to decline again in the fourth quarter. Labor Market ConditionsTurning to the labor market, we have seen conditions gradually weaken over the past year, as unemployment rose and payroll employment flattened out. Private payroll employment growth slowed further to about 30,000 per month in the fourth quarter, and weekly ADP data show job gains remaining at a similarly subdued pace through early January, well below earlier last year and below the level necessary to keep unemployment stable. Although the unemployment rate edged down to 4.4 percent in December and has moved sideways in recent months, it has increased by 1/4 percentage point since the middle of last year. Moreover, the Conference Board job availability index dropped sharply in January to its lowest value since early 2021, suggesting that the unemployment rate could move back up in the first quarter. The labor market has become increasingly fragile over the past year and could continue to deteriorate in the near term. Despite some tentative signs of the unemployment rate leveling off, it seems too early to say that the labor market has stabilized, especially with the added statistical noise from the government shutdown and the sharp drop in the CPS survey response rate to below the pandemic lows. Job gains have been concentrated in just a few nonbusiness service industries that are less cyclically sensitive, with health care accounting for all private job gains last quarter. With a less dynamic low-hiring, low-firing labor market, which some have said is giving rise to a "jobless expansion," we could see layoffs rise quickly if firms begin to reassess their staffing needs in response to weaker activity. Although initial claims for unemployment insurance have remained low, private job cut announcements increased considerably last year, and there has been news of significant additional layoffs in January, as we heard this week from two large employers. Inflation DevelopmentsOn inflation, we have seen considerable progress in lowering the underlying trend, considering that still-elevated inflation mostly reflects tariff effects on goods prices that I expect will fade this year. After removing these effects, core PCE inflation would have hovered close to 2 percent in recent months. The underlying trend in core PCE inflation appears to be moving much closer to our 2 percent target than is currently showing in the data. Based on the latest consumer and producer price reports, 12‑month core PCE inflation likely stood at or a little below 3 percent in December, up somewhat since September. However, the Dallas and Cleveland Fed trimmed-mean measures of PCE and CPI price indexes suggest that 12-month core inflation has continued to decline. The discrepancy between these alternative measures of core inflation seems to reflect increased volatility in the recent data, with unusually large price increases in small categories, like software and video streaming, largely explaining the pickup in the core PCE inflation measure since September. Outlook for the EconomyLooking ahead, my baseline expectation is that economic activity will continue to expand at a solid pace and the labor market will stabilize near full employment as monetary policy moves closer to a neutral setting. Less restrictive regulations, lower business taxes, and a more favorable business environment will continue to boost supply—largely due to higher productivity—and more than offset any negative effects on economic activity and inflation from other policies. I expect that the supply-side policies that I just mentioned, along with strength in AI-related investment, will continue to boost productivity gains and help ensure that inflation remains on a downward path. The Path ForwardOn the outlook for monetary policy, with inflation close to 2 percent, after excluding one-off tariff effects, and with unemployment near estimates of its natural rate but at risk of deteriorating, I continue to see policy as moderately restrictive. Downside risks to the labor market have not diminished, and we should not overemphasize the latest reading on the unemployment rate. I appreciated and supported the language in the post-meeting statement about the recent data, which reflects an appropriate characterization of the unemployment data as showing "some signs of stabilization."3 It will take time to get a clear signal about stability in the labor market. My view is that we should continue to focus on downside risks to our employment mandate, and the description of the labor market is helpful to communicate that we are not overly confident. History tells us that the labor market can appear to be stable right up until it isn't. As I think about the upcoming data, I am aware that first-quarter data tend to be more volatile. Therefore, in my view, we should not rely on these data as a reason to delay policy action if we see a sudden and significant deterioration in labor market conditions. We should also not immediately react if we see inflation go up in January, which has been common in recent years and could reflect residual seasonality or additional statistical noise from the government shutdown and ongoing measurement challenges. I recognize and appreciate that other FOMC members may be concerned that inflation remains somewhat elevated and that we have not achieved our inflation goal for some time. However, absent a clear and sustained improvement in labor market conditions, we should be ready to adjust policy to bring it closer to neutral. We should also not imply that we expect to maintain the current stance of policy for an extended period of time because it would signal that we are not attentive to the risk that labor market conditions could deteriorate. At the same time, it is important to remember that monetary policy is not on a preset course. At each FOMC meeting, my colleagues and I will evaluate incoming data, the evolving outlook, and the balance of risks to our dual-mandated goals of maximum employment and price stability. I will also continue to meet with a broad range of contacts to inform my assessment of economic conditions and the appropriate stance of policy. Closing ThoughtsAs the economy continues to evolve, policy must evolve with it. My focus will remain on acting early enough to preserve both price stability and a strong labor market. Thank you again for the invitation to share my views with you today. It is a pleasure to join you. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.  2. See Michelle W. Bowman (2026), "Outlook for the Economy and Monetary Policy (PDF)," remarks delivered at "Outlook 26: The New England Economic Forum," Foxborough, Massachusetts, January 16.  3. See the January 2026 FOMC statement, which is available on the Board's website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. 

Today, after a five-day trial, a jury in the United States District Court for the District of Colorado found defendants R. Brian Watson and his company, Northstar Commercial Partners, liable for intentional securities fraud. As shown by the evidence at trial, Watson and Northstar defrauded investors in 11 different offerings over the course of about 36 months. Defendants told investors that Watson “co-invested” in every real estate offering by investing his personal funds in Northstar-sponsored real estate projects alongside investors who were also investing in common equity. The statements were false and misleading because Watson did not co-invest his personal funds as promised. These repeated misstatements over time facilitated a scheme and course of business that defrauded investors. Statement of SEC Enforcement Director Margaret A. Ryan: “We are pleased with the jury’s verdict holding Mr. Watson and Northstar liable for fraud for making material misrepresentations to investors in multiple real estate projects. This case demonstrates the SEC’s continued commitment to protecting investors and holding accountable those who seek to mislead and defraud them. I thank the trial team for its hard work and professionalism.”

The Securities and Exchange Commission today announced the appointment of Demetrios (Jim) Logothetis, as Chairman, and Mark Calabria, Kyle Hauptman, and Steven Laughton, as Board members, of the Public Company Accounting Oversight Board (PCAOB). George Botic will continue his service as a Board member and will remain as Acting Chairman until Mr. Logothetis is sworn in. The Sarbanes-Oxley Act of 2002 established the PCAOB to oversee the audits of public companies and broker-dealers in order to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB accomplishes these goals through registering public accounting firms, setting auditing standards, conducting inspections, and pursuing disciplinary actions. The PCAOB is subject to oversight by the SEC. “I am confident that this new Board will usher in a new day at the PCAOB—one of sensible, efficient oversight of auditors,” said SEC Chairman Paul S. Atkins in a statement. “The newly appointed Chairman and Board members have already demonstrated a profound commitment to protecting investors and responsible use of such funds by accepting compensation much more in line with the ethos of public service. I look forward to working with this Board as it refocuses on the PCAOB’s core statutory mission—protecting investors and furthering the public interest in the preparation of informative, accurate, and independent audit reports.” SEC Chief Accountant Kurt Hohl said, “We look forward to working with the new Board in connection with furthering the PCAOB’s central mission of promoting investor protection.” Chairman Atkins added, “I would like to thank George Botic for his leadership in serving as Acting Chairman for the last six months. I also would like to thank Christina Ho, Kara Stein and Anthony Thompson for their dedicated service as members of the Board.” New PCAOB Members Demetrios (Jim) Logothetis, Chairman, will serve a term ending on October 24, 2030. Mr. Logothetis serves on the board of The Republic Bank of Chicago, where he chairs the audit committee, and on the advisory council of CrossCountry Consulting, a privately owned consultancy firm. In 2019, Jim retired from Ernst and Young (EY) after forty years with the firm, during which time he served as the lead partner for several of EY’s largest clients. He held a number of leadership roles with the firm, including Vice-Chair of Global Accounts, Managing Partner of the Midwest U.S assurance and advisory practices, and Chairman of the German Business Center in the United States. He also served as Senior Advisor in U.S. Department of Housing and Urban Development’s Office of the Assistant Secretary and Chief Financial Officer, where he led the Audit Coordination Committee for Ginnie Mae. He holds an M.B.A. degree in Accounting, Finance, and International Business from The University of Chicago Booth Graduate School of Business and a B.S. degree in Accountancy from De Paul University. Mark Calabria will serve a term ending on Oct. 24, 2027. Mr. Calabria is currently an Associate Director and Chief Statistician with the U.S. Office of Management and Budget and a Senior Advisor to the Office of the Director of the Consumer Financial Protection Bureau. His prior service includes Director of the Federal Housing Finance Agency, Assistant to the Vice President, Deputy Assistant Secretary with the U.S. Department of Housing and Urban Development, and Senior Economist at the National Association of Realtors. He has a B.A and Ph.D. in Economics from George Mason University. Kyle Hauptman will serve a term ending on Oct. 24, 2029. Mr. Hauptman is currently the Chairman of the National Credit Union Administration (NCUA). He was originally appointed by President Trump and confirmed by the Senate to serve as a Board Member in December 2020. He was elevated to Chairman of the NCUA in January 2025. He previously served on the Senate Banking Committee staff, as a staff director and as Economic Policy Counselor to a senator. He has also held positions at the American Enterprise Institute, Jefferies and Co., and Lehman Brothers. He holds an M.B.A. degree from Columbia Business School and a B.A. from University of California, Los Angeles. Steven Laughton will serve a term ending on Oct. 24, 2026. Mr. Laughton is currently Board Counsel to PCAOB Board Member Christina Ho. Prior to joining the PCAOB in 2022, he spent more than thirty years with the U.S. Department of the Treasury. His roles at the Treasury Department included Senior Counsel to the General Counsel, where he helped establish the Paycheck Protection Program, and Assistant General Counsel, where he supervised more than 50 attorneys and staff and advised on a wide range of matters, including cybersecurity, consumer financial policy, disclosure, privacy, and advisory committees. He holds a B.A. in Political Science and French from Tufts University and a J.D. from Case Western Reserve University School of Law.

I am pleased that the Commission has appointed four new members, including a new Chairman, to the Public Company Accounting Oversight Board (“PCAOB”). George Botic, who has served as Acting Chairman since July 2025, will continue to serve as a Board Member. I am confident that this new Board will usher in a new day at the PCAOB—one of sensible, efficient oversight of auditors. When we began the search process for new PCAOB Board members in July 2025, I highlighted the role that the PCAOB plays in serving the public interest by helping to protect the integrity of public companies through oversight of auditing firms, and thus the broader public markets, in a manner that minimizes unnecessary costs for the public companies and broker-dealers who ultimately fund the PCAOB’s budget.[1] The newly appointed Chairman and Board Members have already demonstrated a profound commitment to protecting investors and responsible use of such funds by accepting compensation much more in line with the ethos of public service. I look forward to working with this Board as it refocuses on the PCAOB’s core statutory mission—protecting investors and furthering the public interest in the preparation of informative, accurate, and independent audit reports. Demetrios (Jim) Logothetis, Mark Calabria, Kyle Hauptman, and Steve Laughton bring a wide variety of experiences to their service on the Board, and I look forward to their fresh perspectives on how to best drive improvements in audit quality and fulfill the Board’s statutory responsibilities. I want to thank the current Board members for their dedicated service in advancing the PCAOB’s important mission. Acting Chairman George Botic, and Board members Christina Ho, Kara Stein, and Anthony Thompson have carried out their many important responsibilities with diligence and professionalism. I expect the transition to the new Board will occur very quickly over the next few weeks. I also want to thank SEC staff, especially in the Office of the Chief Accountant and Office of the General Counsel, for their assistance with the Board selection process. The SEC and the PCAOB often work closely on matters important to our capital markets. I intend to actively engage with the new Board as it pursues the PCAOB’s priorities and objectives over the coming years.  [1] Paul S. Atkins, Chairman, U.S. Securities and Exchange Commission, Statement on Commencement of Appointment Process for Five Public Company Accounting Oversight Board Seats (July 23, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-pcaob-board-072325. 

A total turnover of 3.087 billion shares worth N81.505 billion in 222,185 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.748 billion shares valued at N99.865 billion that exchanged hands last week in 237,179 deals. Click here for full details.

The current reports for the week of January 27, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

Speaker: Sheldon Mills, FCAEvent: Supercharged Sandbox Showcase, FCADelivered: 28 January 2026 Key points Sheldon is leading a long-term review into AI and retail financial services, reporting to the FCA Board in the summer with recommendations to help the FCA continue to play a leading role in shaping AI-enabled financial services. AI is already shaping financial services, but its longer-term effects may be more far-reaching. This review will consider how emerging uses of AI could influence consumers, markets and firms, looking towards 2030 and beyond. This review does not change our regulatory approach. We remain outcomes-based and technology-neutral, ensuring greater flexibility for us and firms to adapt to technological change and market developments. We are asking for views on the opportunities and risks as AI becomes more capable, how AI could reshape competition and the customer relationship and how existing regulatory frameworks may need to adapt. The deadline is 24 February. Long-term review into AI Before we begin, take a look around this room. This is the Supercharged Sandbox. 23 firms at the frontier of retail financial services, chosen from 132 applications. If anyone still doubts the pace of AI change in our sector, this room is the answer.  The Board has asked me to lead the long-term review into AI and retail financial services. I will report to the FCA Board in the summer, setting out recommendations to help the FCA continue to play a leading role in shaping AI-enabled financial services. This will culminate in an external publication to support informed debate.  Many of you know me from my work on competition and the Consumer Duty.   Those seven years taught me something simple but crucial: the real challenge in regulation isn’t dealing with what we already understand – it’s preparing for what we don’t.  And that’s exactly what this review is about. Designing for the unknown.  Outcomes-based and technology-neutral Let me make one thing absolutely clear from the start. This review does not change our regulatory approach. We remain outcomes-based and technology-neutral. We are not unveiling new rules, nor are we prescribing how AI should be deployed today.  This approach gives us and firms greater flexibility to adapt to technological change and market developments, rather than setting out detailed and prescriptive rules. We believe that with a fast-moving technology like AI, this is the best way of supporting UK growth and competitiveness, while protecting consumers and market integrity.  What we are doing is looking ahead – deliberately, collaboratively and with open eyes - to understand how AI could reshape consumers’ lives, how markets might reorganise, and how regulation can stay effective in a world moving faster than any of us have known. And how we strike the right balance between risk or safety and growth and innovation.    AI is pushing us into territory that nobody, anywhere, has fully mapped. No regulator has a complete picture. No firm does either. But we can do something far more important: we can design systems that adapt even when the path ahead isn’t fully visible.  Why we need to design for the unknown – and why now AI has been used in financial services for a long time. Fraud models, trading systems, credit decisioning – nothing new. Even back in 2024, the Bank of England found that three quarters of firms were already using artificial intelligence. But the last two years have been different. Generative AI. Multimodal systems. Emerging AI agents.  Millions of people in the UK now use AI tools to interpret information, plan their lives and make decisions.  My favourite current use of models is to take a photo of food in my fridge and get some quick recipes for supper. But we also know from a few surveys that financial services consumers are using AI to plan their financial lives. Lloyd’s 2025 survey found that one in three customers use AI weekly to manage their money.  Many of you are already building tools – from personalising financial guidance, to reinventing customer journeys and better vulnerability identification.  So, we know firms will continue to invest in AI, and customers will increasingly use AI to access financial services. But we shouldn’t pretend we know how all of this plays out. We don’t yet know which models will scale. And we don’t know which risks will matter most – or which mitigations will actually work.  What we do know is that the UK has a choice: shape the future or inherit it. Designing for the unknown is how we choose leadership, not drift.  Exploring uncertainty through a considering a plausible scenario Let’s consider a shift in what AI is capable of and what consumers and firms expect from it. The development of a 'proxy economy' in which, over time, consumers may increasingly use AI as an intelligent intermediary between themselves and firms.  Assistive AI is here today. Tools that explain products, compare options, prefill forms and highlight risks. They support consumers without taking decisions away from them.  Advisory AI is emerging. Systems that nudge, recommend and encourage action – switching suppliers, reshaping budgets, refinancing at better rates. These tools promise better outcomes, but they also raise questions about transparency, neutrality and the basis of advice.  Autonomous AI is coming into view. Agents that act within the boundaries of the consumer sets – shifting money, negotiating renewals, reallocating savings, or spotting risks before the consumer even sees them. For many households, this will be transformative. It reduces admin, improves decisions and cuts costs.  Let me make this concrete. Imagine Sarah, a working parent in 2030. Her AI agent manages household finances within agreed boundaries by moving money to higher-rate savings, flagging uncompetitive insurance renewals, even switching current accounts on her behalf.  For Sarah, this is transformative. She spends less time on admin, pays less for comparable products, and makes fewer costly mistakes. But agent autonomy brings deeper questions.  What happens when an AI agent makes a mistake?  How do we ensure consumers understand enough to stay in control?  And what happens if commercial incentives quietly shape the recommendations people see?  These are the questions we must ask before agent autonomy becomes normal – because once consumer behaviour shifts, it shifts fast. That is why this review matters.  Consumer outcomes matter Many of you are already exploring how AI can support better outcomes with more accessible guidance, adaptive tools for those who struggle with financial confidence, and proactive identification of vulnerability. I’m excited by these opportunities.   We want to understand how firms can unlock these opportunities safely. And so designing for the unknown means looking squarely at the risks.  Consumers may delegate decisions they don’t understand. People with patchy data histories may face new exclusions. Scammers may exploit AI to mimic voices, create synthetic identities or manipulate communications at scale. Even a year ago, Experian found that over a third of UK businesses reported being targeted by AI-related fraud, and the capabilities of fraudsters will only continue to grow. Firms will have to combat this with technological advances themselves.  There are also risks that are less visible day-to-day, but just as important. AI can embed or amplify bias, leading to systematically worse outcomes for some groups. It can be hard to explain to a consumer – or to ourselves – why a particular decision was made, especially where models rely on complex data and proxies.  And when decisions are powered by ever more data, firms must get transparency and data protection right: using data lawfully, minimising it, securing it, and making sure customers understand what is happening and what choices they have.  And autonomous systems could make decisions that are technically logical but misaligned with a consumer’s real-world needs – because they are optimising for proxies rather than outcomes.  We want your insight on what you are seeing now – and what you suspect is coming next. The biggest failures are often born from what wasn’t anticipated.  Competition, market structure and new entrants AI could change the drivers of market power in ways we need to understand early.  AI could be the great leveller. Perhaps giving a start-up the analytical power of a global bank. Or it could entrench the biggest players, the ones with the most data and the deepest pockets. Big Tech firms may capture parts of the value chain without ever becoming regulated providers. Or consumers themselves, through their personal AI agents, may drive much more rapid switching, reshaping who holds power in ways we've not seen before.  These dynamics could make markets more open - or more concentrated. They could enhance competition – or reconfigure it entirely.  We're not taking a view. We do not know which future will dominate. We're asking you to help us see what's coming.   Because designing for the unknown means building flexibility now – while the system is still malleable – not when the structure is set in stone.  What does all this mean for regulation? Our frameworks were built for a world where systems updated occasionally, models behaved predictably and responsibility was clearly located within the firm. AI challenges all three of those assumptions.  Models now update continuously. Harms can scale in hours, not months. And responsibility sits across developers, data providers, model hosts and regulated firms.  Accountability under the Senior Managers and Certification Regime (SM&CR) still matters – but what does 'reasonable steps' look like when the model you rely on updates weekly, incorporates components you don’t directly control, or behaves differently as soon as new data arrives?  What will the Critical Third-Party regimeLink is external  look like as AI firms continue to shape the landscape of financial services? And as firms continue to develop AI assurance platforms to monitor, audit, and evaluate AI systems, what should the role of the FCA be?  Our approach isn’t changing. We remain outcomes-based, technology-neutral and proportionate.  But how those principles apply in a world of fast-evolving systems is something we must explore now, not later.  We want to examine how AI will change the way we apply our rules and give you the clarity you need. Designing for the unknown means building a regulatory model that can evolve with the technology – without compromising clarity or trust.  And we won't do this alone. The FCA doesn't regulate AI as a whole, nor should we. I shall work with the Information Commissioner's OfficeLink is external (ICO), the Competition and Markets AuthorityLink is external (CMA), and international counterparts to ensure a coherent environment for firms innovating in the UK.  What we need from you This review will only be as strong as the evidence and insight we gather from those who are closest to the front lines of AI adoption – that is, from you.  We are asking for your views on the opportunities and risks you see as AI becomes more capable, how AI could reshape competition and the customer relationship and how existing regulatory frameworks may need to adapt.  Let me close with this. The decisions we make in the next few years will shape retail financial services for a generation. The UK has built a sector that is trusted, innovative, and globally competitive. AI doesn't change that ambition, but it changes the landscape.  This review is about building a shared understanding, so that we can design for this future landscape together.   I'm asking you directly: contribute. Challenge our assumptions. Tell us what we're missing. The deadline is 24 February 2026. The answers won't come from me alone, they'll come from conversations like the ones we have today.  Any other contributions can be sent to us at TheMillsReview@fca.org.uk.